2023 Annual Shareholder Meeting

MARKET RELEASE

Date: 13 October 2023

NZX: GNE / ASX: GNE
2023 Annual Shareholder Meeting

Genesis Energy Limited’s (GNE) Annual Shareholder Meeting is being held today, Friday 13 October
2023, commencing at 10.00 am. World Cup Lounge West, Level 4, South Stand, Eden Park, Reimers
Avenue, Kingsland, Auckland.

Shareholders can participate in the Annual Shareholder Meeting virtually through the
Computershare meeting platform: https://meetnow.global/nz.

All material, including the Chair and Chief Executive address, will be made available on the Genesis
Energy Investor Centre website at: https://www.genesisenergy.co.nz/investor/results-
andreports/annual-shareholders-meeting


ENDS



For investor relations enquiries, please contact:
Tim McSweeney
GM Investor Relations & Market Risk
M: 027 200 5548

For media enquiries, please contact:
Chris Mirams
GM Communications and Media
M: 027 246 1221


About Genesis
Genesis (NZX: GNE, ASX: GNE) is a diversified New Zealand energy company. Genesis sells electricity, reticulated
natural gas and LPG through its retail brands of Genesis and Frank and is one of New Zealand’s largest energy
retailers with more than 470,000 customers. The Company generates electricity from a diverse portfolio of
thermal and renewable generation assets located in different parts of the country. Genesis also has a 46%
interest in the Kupe Joint Venture, which owns the Kupe Oil and Gas Field offshore of Taranaki, New Zealand.
Genesis had revenue of $NZ2.4 billion during the 12 months ended 30 June 2023. More information can be
found at www.genesisenergy.co.nz

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Genesis ASM 2023 – Friday, 13 October




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Barbara Chapman, CNZM: Chairman’s address to Genesis Energy 2023 ASM



Kia ora, tēnā koutou katoa.

Good morning all! I’m Barbara Chapman, Chair of the Board of Genesis Energy
Limited.

On behalf of my fellow directors, our Chief Executive and his team, and all
Genesis employees around New Zealand, welcome to our 2023 Annual
Shareholder Meeting.

We continue to hold this meeting in hybrid form and thank those shareholders
who have made the effort to be here today. Our online streaming facility is
available for those unable to attend in person, and we thank you for taking the
time to be present virtually.

Just some quick housekeeping for those present before we start – the
bathrooms and fire exits are behind you. If we hear a fire alarm and a request
to evacuate, Security will help us exit down the stairs and assemble across the
road on Reimers Ave.

For those joining us online, today’s meeting is held via the Computershare
Online Meetings platform. This enables you to read the company documents
Slide: Welcome
Video: Barbara in upper right corner, with name and title

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associated with the meeting and ask questions through the platform.



For those online, if you have a question to submit during the meeting, please
select the Q&A tab on the right half of your screen at any time. Type your
question into the field and press send. Your question will be immediately
submitted. Should you require any assistance, you can type your query and
one of the Computershare team will assist through the chat function.
Alternatively, you can call Computershare on 0800 650 034.

Please note that while you can submit questions from now on, I will not
address them until the relevant time in the meeting. Please also note that your
questions may be moderated or, if we receive multiple questions on one topic,
amalgamated. Due to time constraints we may run out of time to answer all
your questions. If this happens, we will answer them in due course via email.

For those present in person, during question time simply raise your hand and
one of our attendants will bring a microphone to you.

There are no resolutions as no directors require re-election this year under the
NZX director rotation rules.

With us today are members of our Executive team, including our Chief
Corporate Affairs Officer Matthew Osborne, who will fulfil the role of Secretary
for this year’s meeting.
Slide: Computershare slide showing how to ask questions
during the meeting
Video: Barbara in upper right corner

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Bryce Henderson is with us today representing our external auditor, Deloitte.
This is Bryce’s final outing as our audit partner over a number of years, and we
thank him for his service.

Notice of the meeting has been duly given to shareholders, and we have the
required quorum. I now declare the 2023 Annual Shareholder Meeting of
Genesis Energy Limited officially open.

Thank you all for joining us today.




I will quickly run through the agenda for this morning.

Firstly, I will provide a brief overview of the Board’s key highlights for the year.

Chief Executive Malcolm Johns will then provide you with a more detailed
overview of our company performance and priorities.

There will then be an opportunity for you to ask questions of the Board and the
Executive arising from the two presentations.

You will then be provided with an opportunity to raise any items of general
business that may be lawfully put to the meeting
Slide: Agenda
Video: Barbara in upper right corner

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If there are any additional discussion points that you feel haven’t been covered
in today’s meeting, please reach out to our investor relations team at the email
address: investor.relations@genesisenergy.co.nz





To begin, let me introduce your Board of Directors.

Hinerangi Raumati-Tu’ua
Hinerangi joined the Board in March 2022. She is a member of the Audit and
Risk Committee.

Hinerangi is Chair of Tainui Group Holdings and brings extensive governance
experience, having Chaired and served on iwi boards and those in varied
sectors including water, fisheries and local government.

In addition to her strong commercial, investment and corporate governance
background, Hinerangi was named Māori Businesswoman Leader of the Year in
2016 and served on the Cullen Tax Working Group in 2019.

Thank you for joining us Hinerangi.

Warwick Hunt
We welcomed Warwick to our Board in October 2022. He is a member of the
Audit and Risk Committee. Warwick brings over 30 years leadership and
Video shows each of the Directors with their name.
Barbara remains in the upper right corner.

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governance experience. As a partner and then managing partner of PwC New
Zealand, Europe, Middle East, Africa, and UK, Warwick has worked across a
range of sectors including energy, professional services, financial services,
agribusiness and aviation.

He is a Fellow of Chartered Accountants Australia and New Zealand and an
Executive Fellow of Kings College London. Warwick is also a Member of the
New Zealand Order of Merit for services to business.

Thank you for joining us Warwick.

Tim Miles
Tim joined our Board in 2016, coming to us from his previous role as Chief
Executive of Spark Digital. He is Chairman of the Human Resources and
Remuneration Committee, and a member of the Nominations committee.

Tim has had a long career in customer and technology-focused roles at the
most senior levels, both in New Zealand and internationally, and applies that
insight and scrutiny to all the Board’s work.

Thank you for joining us Tim.

Paul Zealand
Paul joined our Board in 2016. He is a member of the company’s Human
Resources and Remuneration Committee and the Nominations Committee.

Paul has over 40 years’ experience in the oil and gas sector, including senior

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executive and Chief Executive roles at Shell and Origin Energy. In particular, he
brings strong expertise around health, safety and environmental management,
and advice around operational risk.

Thanks for joining us Paul.

Catherine Drayton
Catherine joined the Genesis Board in March 2019 and is the Chair of the
company’s Audit and Risk Committee.

Catherine is a former senior partner at PwC, specialising in mergers and
acquisitions, culminating in her leading the Assurance and Advisory divisions in
Central and Eastern Europe. Her extensive cross-sector governance experience
includes multiple directorships across the healthcare, infrastructure and
energy sectors.

Thank you for joining us Catherine.

James Moulder
James joined the Board in 2018 and is a member of the company’s Audit and
Risk Committee. James has strong governance experience, having held a
number of non-executive Board and Advisory Board positions in the electricity
sector.

James brings strong industry experience in carbon and energy asset
management, and data analysis experience to your Board. His background
advising the electricity industry’s regulatory bodies also strengthens our

Genesis ASM 2023 – Friday, 13 October




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governance.

Thank you for joining us today James.




Joining me in this presentation is Genesis Chief Executive Malcolm Johns who
will speak shortly. This is Malcolm’s first presentation to you after taking over
as Chief Executive in March this year, from his former role as CE of
Christchurch Airport. Malcolm has quickly come up to speed on New Zealand’s
energy sector and the opportunities for Genesis, and established a refreshed
executive team with the required skills and experience to propel our growth.
He will introduce his team later.

I wish to thank Tracey Hickman, who generously agreed to be Interim CEO
between the departure of our former CE Marc England last October and
Malcolm joining us. Tracey did a fine job of maintaining the company’s steady
course and in handing over to Malcolm. We’re pleased she has now taken on
the new Executive role of Chief Wholesale Officer.

My presentation will touch on a number of matters that Malcolm will discuss in
more detail. You will have the opportunity to ask questions towards the latter
part of the meeting.

Video shows Malcolm on stage.
Barbara remains in the upper right corner.

Genesis ASM 2023 – Friday, 13 October




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Behind me is an image of our Board Skills Matrix – a summary of the skills
necessary for the company’s success, and an assessment of the skills held by
Directors. The matrix shows an excellent spread of expertise and secondary
skills among our Directors.

This year we enhanced the skills matrix to draw out sustainability as a key skill
in its own right, recognising the importance of experience in this area for good
governance. A reflection of that was the launch of our first fully integrated
annual report, in which environmental, social and governance metrics are
integrated with financial and performance updates. The resulting suite of
documents can be found in the investor centre on our website; they include
the FY23 Integrated Report, Climate-related Disclosures and our Sustainable
Finance Report.

We are determined to be transparent about our opportunities, targets,
strategy and progress, and also about our challenges, the impacts we have and
how we’re addressing those. Our reporting strives to present a balanced view
of how we create value over the short, medium and long term.


This marks a new era in reporting. Transparency is now both required by
regulation, and desirable in an environment in which we’re accountable to
multiple stakeholders.

The importance of good governance was also highlighted by the successful
appointment and induction of Malcolm. Finding and establishing a good
Slide: Corporate Governance (image of Board Skills Matrix)
Video: Barbara in the upper right corner

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working relationship with a company’s Chief Executive is one of a Board’s most
important roles. It’s pleasing to see the progress Malcolm has made in
developing a refreshed strategy and structuring an Executive team to support
its execution. The Board looks forward to working with him overseeing the
direction of the company in the coming years.

I am proud to lead a strong and capable Board of Directors who provide their
extensive experience and specialist skills for the benefit of the company, our
staff, our stakeholders and the wider community.




Genesis is committed to helping secure a future of renewable energy for New
Zealand. We work with our customers to inspire sustainable choices, and with
the sector and Government to be an active enabler of New Zealand’s energy
transition. To achieve all this we need to be a top performing company.

This year our EBITDAF was $524 million, an increase on last year’s $440 million.

Net profit after tax was $196 million, a reduction on $222 million following a
substantial fair value gain recorded in FY22.

Our full year dividend remained strong at 17.60 cents per share. This was 56%
of free cashflow for the year, which is lower than what we have historically
paid out. The Board was mindful of the exceptionally strong performance in
FY23, which was impacted by very favourable hydro conditions. With a
significant capital expenditure programme planned in FY24, the Board chose
Slide: Financial Performance
Video: Barbara in upper right corner

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keep the payout level in dollar terms, to support planned projects and build
resilience in the balance sheet for future investment opportunities.

Looking ahead, our FY24 EBITDAF is expected to be around $430 million, a
decrease on this year’s figure as we return to more normal hydrological
conditions, and to take account of the impact of the Unit 5 outage, inflation in
costs, and investment in our assets, new renewable generation and people
capability.

The financial impact of the forced outage of Unit 5 at Huntly Power Station on
30 June has been mitigated by alternative plant availability and, earlier in the
year, wholesale electricity market conditions. Our team is working hard on the
unit’s repair and it’s pleasing that its return to service has been brought
forward four months to late January 2024.




The past year was marked by record rainfall in many regions, including our
hydro catchments. While the Genesis team worked tirelessly to responsibly
manage hydro lakes within their consented range, we acknowledge that for
many communities the excessive rainfall brought challenges and, in some
places, devastation. We are proud of our teams who helped the communities
near our power schemes while keeping our assets operating.

Our financial performance was complemented by our ability to maintain high
Slide: Supporting our communities and customers
Video: Barbara in upper right corner

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customer loyalty and support. The launch of a New Zealand first energy
roaming product for EV drivers, EVerywhere, exceeded its targets and has been
key in differentiating us in the market and acquiring new customers. Overall,
our customer numbers increased, churn reduced, and we had a fantastic
response to our Power Shout gifting campaign, in which customers donated
their free hours of power to other customers in need.

Our Te Tira Manaaki o Kenehi team, established in 2020 to look after our most
vulnerable customers, ensured those in real hardship received personalised
support and payment options. This year we also introduced Fresh Start, a
programme for the increasing number of customers experiencing atypical
payment difficulties due to rising household costs. Fresh Start provides
breathing space and practical support, helping retain these customers for the
long term.

Our new partnership with Habitat for Humanity’s Healthy Homes programme
in Auckland and Northland, as well as our ongoing work with curtain banks in
Wellington and Christchurch, saw us supporting warm homes in more of our
communities.




When you work at Genesis, you’re part of a culture of caring – and one that
values knowledge and expertise.

Those were two of the main findings from a research project we undertook
Slide: Supercharging our people
Video: Barbara in upper right corner

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this year to help us understand our workplace culture. With help from an
independent agency, we ran surveys and focus groups, seeking feedback from
around 1,000 participants.

Across all our different sites and projects, and across employee demographics,
the feedback was overwhelmingly positive. Respondents used phrases like
‘inspiring’, ‘adding value’ and ‘exciting’ to describe how they felt about their
work at Genesis.

Overall, 85% of respondents felt positive about the culture at Genesis.

A diverse and inclusive workplace where everyone feels valued leads to an
enhanced ability to recruit and retain good people, increased employee
engagement, boosted productivity, and better connection with our customers
and communities.

We’re proud of the Rainbow Tick accreditation we received in FY22. This year
we received re-accreditation of the YWCA Gender Tick. And we continue to
work on increasing the gender diversity of our senior leadership group to
50:50.

The Board is focused on enhancing workplace safety, so it’s pleasing that most
of our safety and wellbeing metrics are showing positive trends. The reduction
in the number and severity of injuries across the business resulted in a 57%
reduction in lost time or restricted work days this year.

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This decrease is likely due to a combination of increased hazard awareness,
continued focus on rejecting unsafe LPG delivery locations, safety leadership
training, early injury notification and intervention, and preventative physio
programmes.

The wellbeing hub on our internal intranet also updated our drug and alcohol
programme, safety inductions, health monitoring, and injury management.

By continuing this work, we hope to see injury rates fall even further over time.

********************
In conclusion, along with my fellow Directors and our Genesis Energy team, I
would like to thank you for your support of our company over the past year.

The coming decade will be one of the most dynamic in the history of New
Zealand’s energy sector. We will continue to engage constructively with
regulators to help ensure a workable pathway for new renewable generation,
while helping ensure security of electricity supply and affordability for
households.

I have every confidence that your Board, overseeing our strong executive
team, will maintain the company’s position as an essential and profitable part
of New Zealand’s energy future, while at the same time living up to the
company’s purpose and vision.

It is now my pleasure to invite your Chief Executive Malcolm Johns to make his
first speech to our shareholders. Welcome, Malcolm.

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Malcolm Johns, Chief Executive Officer’s address to Genesis Energy 2023 ASM



Kia Ora everyone. Thank you, Barbara, for the kind introduction, and for
providing an overview of some of the challenges and opportunities the
company has faced in what has been a demanding but ultimately successful
year.

It’s a pleasure to be speaking to you, our shareholders, for the first time. I
wanted to join Genesis for the unique opportunity of being at the centre of the
country’s energy transition. In my first six months as Chief Executive I’ve
enjoyed a warm welcome and dedicated my time to learning about the
company, the sector, and the many stakeholders critical to our success.

We’ve also been thinking hard about our strategy over the next five to 10
years. We’re now well advanced in this discussion and will have more to say at
our Investor Day on 30 November. Our strategy will play out over what we see
as broadly three phases: getting match fit, accelerating our transition, and
moving into our future state. We have begun the first phase with our decision
to move the business into six business units, led by a smaller Executive team.


Slide: Solar farm image
Video: Malcolm in upper right corner, with name and title
Slide: A refreshed leadership team to navigate the transition
(photos of exec)
Video: Malcolm in upper right corner

Genesis ASM 2023 – Friday, 13 October




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The Executive team is here with us today and includes existing and new
members. The new members are Claire Walker as Chief People Officer,
Stephen England-Hall as Chief Customer Officer, and Ed Hyde as Chief
Transformation and Technology Officer.

Claire is a deeply experienced people and culture executive who understands
how structures best serve strategy and how to build high performing cultures.

Stephen is a market strategy specialist and understands value-creating brand
strategy, customer loyalty, proactive channel management and high value,
low-cost customer service models.

Ed has deep experience in introducing technology platforms, data and AI into
businesses to drive productivity growth.

They form part of a revised Executive structure, which I announced last month.
I was delighted that Tracey Hickman accepted the role of Chief Wholesale
Officer, overseeing our wholesale operations and trading business. As many of
you are aware, Tracey has been with Genesis for many years and has extensive
experience in the wholesale area.

Chief Financial Officer James Spence and Chief Corporate Affairs Officer Matt
Osborne complete the revised Executive team.

We will sadly farewell Chief Operations Officer Rebecca Larking and Chief
Trading Officer Pauline Martin, whose roles were disestablished as part of
moving to a smaller team. They have performed admirably; we recognise their

Genesis ASM 2023 – Friday, 13 October




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service and contribution and wish them all the best in their future endeavours.

I’m delighted with the energy I see in the smaller Executive team. Together
with their senior leadership teams they will be critical in activating our new
strategy with intent and impact.



Turning now to the year that’s been, with some more detail on Genesis’
financial success and our achievements in operations, sustainability and
support of our communities:
• Our 19% increase in EBITDAF to $524 million was an excellent result
driven by strong performances across our hydro schemes and trading
team.

o Rainfall in our hydro schemes’ catchments enabled us to generate
record highs from hydro, and conversely turn down thermal
generation to record lows, saving both fuel costs and emissions.

o With a wet autumn across most of New Zealand, we continued to
make the most of our hydro generation assets to meet demand,
while continuing our fuel and emissions savings at Huntly Power
Station. High hydro outcomes in other catchments allowed us to
purchase electricity from other hydro operators, further
improving our fuel flexibility and ability to reduce thermal
generation.

Slide: FY23 Performance Highlights (graphic showing figures)
Video: Malcolm in upper right corner

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• Net Profit was down slightly, due to an adjustment of valuation gains
relative to last year.

• We continue to pay a strong dividend, holding it level with that paid in
FY22. As Barbara mentioned, we have taken this decision on the basis
that FY23 results have benefitted from above-normal hydrology, and are
mindful of the need to preserve balance sheet flexibility for future
investment requirements. These include our four solar farms and
continued upgrades to our hydro stations.

• Customer growth was encouraging across both our Genesis and Frank
Energy brands, increasing by over 12,000 customers during the year.

• EVs present a strong growth opportunity, with the average EV customer
consuming 40% more kWh’s per year than our other customers. The
launch of our EVerywhere product for EV owners has been well received,
and we’ve seen customers on our EV plan double to more than 4000.
We expect this number to accelerate as EV uptake gathers pace.

• Our renewables programme continued to progress, with three new sites
secured for solar farms to add to Lauriston in Canterbury, announced
earlier this year. Together these sites will produce around 450 MW,
enough to power 100,000 homes.

• We opened a customer service hub at Tokaanu Power Station to
support our main service centre in Hamilton, creating 12 full time jobs in

Genesis ASM 2023 – Friday, 13 October




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regional New Zealand.

• Our Ngā Ara Creating Pathways programme offered 32 apprenticeships,
internships and work experience opportunities to rangatahi Māori near
our generation sites.

• We supported our customers’ energy wellbeing through our Power
Shout gifting programme, supplying more than 300,000 free hours of
power to those in need.

Our guidance for FY24 EBITDAF is around $430 million. The reduction on this
year’s EBITDAF takes into account the $25 million impact of the unplanned
outage of Unit 5, net of insurance. It’s pleasing that we now expect to return
this unit to service at the end of January, four months earlier than original
estimates.

Operating expenditure is expected to be around $375 million, including
additional technology spend of around $25 million. This will simplify our
existing operating models and drive customer operations and productivity
growth. There will also be increased spend on strategic growth initiatives,
which I’ll speak more about in November.

Capital expenditure in FY24 is expected to be around $165 million. This
includes our previously announced investment in the Kupe KS9 well of $65
million to maximise its gas reserves, the completion of the Tuai generator
upgrades, and commencement of the Rangipo turbine and generator
overhauls.

Genesis ASM 2023 – Friday, 13 October




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For a detailed breakdown of our FY23 performance, please visit the Genesis
website’s investor centre to view our FY23 investor presentation. In that
presentation our Chief Financial Officer James Spence and I talk in detail about
the Company’s financial performance, as well as the broader and underlying
themes I’m touching on today.



The weather events of 2023 underlined the need to move as quickly as we can
to a low carbon future while retaining energy security for peaks and dry years.

We’re proud to announce our first solar development with our joint venture
partner, FRV Australia, at Lauriston in Canterbury is close to final investment
decision. Our desire is for this 52MW project to begin generating in FY24.
We’re on target to build up to 500 MW of grid scale solar, having secured three
other North Island development sites that will have capacity of around 400
MW collectively. In total our solar programme will power nearly 100,000
homes.

Combined with our power purchase agreements for wind farms and a
geothermal plant, Genesis’ proportion of renewable generation is targeted to
move to at least 68% by 2025 and at least 81% by 2030.

These initiatives support our science-based targets tied to the country’s
commitment to limit global warming to 1.5
0
C. Verified by the internationally
Slide: Future-gen update
Video: Malcolm in upper right corner

Genesis ASM 2023 – Friday, 13 October




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recognised Science Based Targets initiative, our targets will see us remove at
least 1.2 million tonnes of annual carbon emissions by FY25 (from a FY20 base),
including reducing generation emissions by 36%.

Our progress toward these targets during FY23 saw a reduction in carbon
emissions of 2.5 million tonnes from the FY20 base. While it appears we have
exceeded our target, our emissions reduction will not be a straight line but a
trend over time. New Zealand’s electricity grid is driven by weather and as
we’ve seen, weather has cycles.

We also know that the most impactful thing Kiwis can do to mitigate climate
change is electrify more of their lives. Confidence in the availability of
electricity is critical to businesses and households doing exactly that. New
Zealand will continue to need thermal generation to step in from time to time
when the wind doesn’t blow, the sun doesn’t shine or hydro lake levels are
low. Our contribution to grid security means our emissions reduction may
fluctuate from year to year, but overall our emissions trend is heading in the
right direction.




Looking to the future, the context for updating our strategy begins with the
Zero Carbon 2050 Act, which was almost unanimously passed into law by all
major parties. Achieving that goal means the sector’s growth and destination is
no longer a point of debate, it’s baked into law. We are now in a long term
Slide: Strategy refresh
Video: Malcolm in upper right corner

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partnership with government and business to deliver Net Zero by 2050.

This is exciting because there appears universal agreement that the best way
to achieve that outcome is to electrify as much of our lives and economy as we
can over the next quarter century.

To my mind, asset transition must lead the energy transition. New Zealand
faces the largest asset transition challenge in our history, at both a household
and business level. New Zealand must proactively move away from assets that
operate solely on fossil fuels and towards assets that operate primarily on
electricity. This means the demand side dynamics will drive the supply side
dynamics of the transition. This reflects one of my early observations of the
sector: During the transition, strategic value accrues to the demand side while
financial value accrues to the supply side. Pleasingly, Genesis has a strong
demand side position and multiple options for growth on the supply side.

As a sector we need to develop real muscle in managing a long term
partnership with government. We should expect over the next 25 years
different governments will apply different weightings to market and non-
market tools to drive NZ Inc toward Net Zero 2050. The long term macro risk is
a transition that runs behind or ahead of the country’s carbon reduction
budgets. Running behind risks unhelpful policy intervention, and running
ahead risks unhelpful commercial outcomes.

These challenges make this sector an incredibly exciting place to be. They also
make clear the key value streams for Genesis during the transition.

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The next quarter century is about when, how and where we bring the right mix
of new renewable generation into play to support our customers and grow
value for shareholders.

Genesis has some very strong foundations to build on as we look to drive
enhanced shareholder returns. Our updated strategy will focus on fewer, more
impactful initiatives that can clearly demonstrate support of the energy
transition and build shareholder value. The strategy will be supported by a
simplified operating structure of six business units with a smaller executive
team, as outlined earlier.

As mentioned, demand side is the source of strategic value. We have a large
customer base of almost half a million customers. We have a premium brand,
customer loyalty is high, and we have a highly skilled workforce with a great
culture who are up for the transition challenge. We see three key value
streams to build shareholder value over the next decade:

• electrify more of our customers’ lives
• build more renewable generation
• maximise flexibility, both on the demand and supply side

Our half million customers want to play their role in delivering New Zealand to
Net Zero 2050, and this provides us with strategic leverage for actioning the
other two value streams.

Currently our share of customers in the market is around 23% while our share
of generation is around 16%. Our opportunity to develop options to build new

Genesis ASM 2023 – Friday, 13 October




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renewable generation is strong and doing so ourselves or in partnership with
others is a key long-term option to grow value.

We have already demonstrated our ability to form strategic development
partnerships through our solar joint venture with FRV.

Genesis has for some time played a key role in peaking and firming the grid and
has done well in periods of price volatility. Genesis has more opportunity than
most to create value from flexibility due to the variety of fuels and assets in
our generation fleet. We will be looking to optimise value from that flexibility
over coming years.

The addition of solar and more wind generation to the national grid will bring
with it more intermittent generation than we have seen before. Firming and
peaking plus dry year cover will mean New Zealand will need generation that
can step in across an hour, a day, a week, a month or an entire dry year.

We won’t be going into detail on Genesis’ role in this today, however I look
forward to explaining more when we release our updated strategy in late
November.



This brings me to Huntly Power Station, which celebrated its 40
th
anniversary
this year. Originally built to use the nearby coal supply, today most of the
station’s electricity is generated from gas – around 66% over the past five years
Slide: The future of Huntly Power Station
Video: Malcolm in upper right corner

Genesis ASM 2023 – Friday, 13 October




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and 95% during FY23. Coal is now used only during New Zealand’s dry hydro
years and very high winter peaks, and we expect it to continue to reduce in use
as a fuel.

As it enters its fifth decade, Huntly Power Station has a new and critical role to
play – backing up the expansion of New Zealand’s renewable generation
system to meet increasing demand as the economy electrifies. Wind and solar
farms will form the backbone of the new system required to power electric
vehicles and industries which are switching from fossil fuels to electricity, but
this type of renewable generation is intermittent. Huntly Power Station will
continue to play its important role in providing the extra generation needed to
hold the electricity system secure and steady as New Zealand moves through
our energy transition.

Huntly’s location, in the ‘golden triangle’ growth engine between the
population centres of Auckland, Hamilton and Tauranga, with material direct
connection to the national grid and a skilled local workforce, reinforces its
strategic importance in terms of energy security. Its North Island location
provides resilience to the national grid in the event of South Island disruption
from an alpine fault or outage of the inter-island HVDC cable. We’re excited
about the site’s potential to transition to a lower carbon energy hub, with the
addition of emerging technologies and lower carbon fuels.

Fuels are the critical ingredient for Huntly over the next decade. Our existing
and future fuels need to be Carbon reducing, Cost effective and Convenient to
procure.

Genesis ASM 2023 – Friday, 13 October




| 25


In February we successfully trialled running a Rankine on biomass, and this
gave us two proof points. Firstly, we can operationally run biomass through the
Rankines at scale. Secondly, we have a sense of the energy output from doing
so. Around 1.5 million tonnes of biomass will produce 3 TWh, with around half
the carbon emissions of coal. We remain active in discussions around biomass
supply and supply contracts.

During the year we also had initial discussions on the possibility of using a
hydrogen blend or full hydrogen to power Unit 5, the 400 MW combined cycle
gas turbine at Huntly Power Station. Unit 5 is New Zealand’s largest generation
unit and can support around 400,000 households with electricity. The
manufacturers are active in the use of hydrogen for these units and could help
us adapt Unit 5 for this fuel. We’re monitoring hydrogen production in New
Zealand with a view out to the 2030’s.

We also completed engineering reviews for large grid scale batteries on the
Huntly site, and are reviewing the potential interplay between batteries and
our existing and future generation assets.




None of the achievements Barbara and I have outlined today would be
possible without our people, led by a strong and capable leadership team.

Genesis has a strong culture driven by committed people. This was illustrated
Slide: In conclusion
Video: Malcolm in upper right corner

Genesis ASM 2023 – Friday, 13 October




| 26


brilliantly by the team at Waikaremoana during Cyclone Gabrielle. With the
storm raging, communication cut and water flooding generation rooms, the
team arrived at the site around 3am and worked tirelessly that day and for
weeks afterwards to ensure the East Coast and Hawkes Bay had electricity and
were reconnected to a grid isolated from the rest of the country.

We should all be proud of the people we have working for Genesis, and it’s
been a pleasure getting to know team members at our sites throughout the
country. I’ m ambitious for what we can do over the coming decade to electrify
more of our customers’ lives, build shareholder value and remain a critical
player in New Zealand’s journey to Net Zero 2050.

Thank you for your support during my first six months. I’ll now hand back to
Barbara.


Barbara continues ...



Thank you, Malcolm. We now have an opportunity to take questions on the
presentations.

Questions from the floor are now open. If you have a question, indicate by
raising your hand. Please remember that this meeting is being webcast. You
need to be heard by a remote audience, so please wait for the microphone to
be passed to you before speaking.

Slide: Shareholder Questions
Video: Barbara in upper right corner

Genesis ASM 2023 – Friday, 13 October




| 27


Those shareholders attending online today may also submit questions, and I
will address those after we have addressed questions for the floor.

Before asking your question, please state your name, and if you are a
shareholder, proxy holder or shareholder representative.


We will now respond to questions from shareholders attending online. Our
moderator [Matthew Osborne] will read these questions aloud and either I will
answer or I’ll refer the question to a member of our Executive team.




Shareholders now have an opportunity to raise any items of general business
that may lawfully be put to the meeting.

Those online may use the Computershare site to do this. Select the Q&A tab,
type the item you wish to raise into the box at the bottom of the screen, and
press 'Send'.

Those present, please raise your hand and a microphone will be brought to
you.

Barbara directs responses to any items raised.

Slide: General Business
Video: Barbara in top right corner

Genesis ASM 2023 – Friday, 13 October




| 28




To wrap up, this is my fifth year leading the Board as Chair, and I thank my
colleagues on the Board for their support, and the support and hard work of
Malcolm Johns and his Executive team.

I am proud to lead an organisation committed to a more sustainable future for
New Zealand. We have built strong foundations for future growth, and I look
forward to continuing the good work, for you our shareholders and for our
customers and our wider stakeholders.

Thank you everyone for joining us here today. This concludes our 2023 Annual
Shareholder Meeting.





Slide: Thank You
Video: Barbara in top right corner

Slide: With You. For You. (Genesis logo)

---

13October 2023
Presenters:
Barbara Chapman CNZM Chairman
Malcolm Johns Chief Executive Officer
Genesis Energy
Annual
Shareholder
Meeting

2.
•This presentation has been prepared by Genesis Energy Limited (‘Genesis
Energy’) for information purposes only.This disclaimer applies to this
document and the verbal or written comments of any person presenting it.
•The information in this presentation is of a general nature and does not
purport to be complete nor does it contain all the information required for
an investor to evaluate an investment. This presentation should be read in
conjunction with Genesis Energy’s Integrated Report for FY23 and
accompanying market releases.
•This presentation may contain projections or forward-looking statements.
Forward-looking statements may include statements regarding Genesis
Energy’s intent, belief or current expectations in connection with Genesis
Energy’s future operating or financial performance, or market
conditions.Such forward-looking statements are based on current
expectations and involve risks, uncertainties, assumptions, contingencies and
other factors, many of which are outside Genesis Energy’s control.Although
management may indicate and believe that the assumptions underlying any
projections and forward-looking statements are reasonable, any of the
assumptions could prove inaccurate or incorrect and there can be no
assurance that the results contemplated in those projections and forward-
looking statements will be realised. Actual results may differ materially from
those projected.Genesis Energy gives no warranty or representation as to its
future financial performance or any future matter.
•EBITDAF, underlying earnings and free cash flow are non-GAAP measures.
These non-GAAP measures should not be considered in isolation from, or
construed as a substitute for, other financial measures determined in
accordance with GAAP or NZ IFRS.
•While all reasonable care has been taken in compiling this presentation, to
the maximum extent permitted by law, Genesis Energy accepts no
responsibility for any errors or omissions, and no representation is made as
to the accuracy, completeness or reliability of the information, in this
presentation.The information in this presentation does not constitute
financial product, legal, financial, investment, tax or any other advice or a
recommendation and nothing in this presentation should be construed as an
invitation for any subscription for, or purchase of, securities in Genesis
Energy.
•All references to $ are to New Zealand dollars, unless otherwise stated.
•Except as required by law, or the rules of any relevant securities exchange or
listing authority, Genesis Energy is not under any obligation to update this
presentation at any time after its release, whether as a result of new
information, future events or otherwise.
Disclaimer

Barbara Chapman CNZM
Chairman

Shareholder & Proxyholder Q&A Participation
Written Questions:Questions may be submitted
ahead of the meeting. If you have a question to
submit during the live meeting, please select the
Q&A tab on the right half of your screen at
anytime. Type your question into the field and
press submit. Your question will be immediately
submitted.
Help:
The Q&A tab can also be used for
immediate help. If you need assistance, please
submit your query in the same manner as typing
a question and a Computershare representative
will respond to you directly.
Shareholder Q&A: How to ask questions

Agenda
1. Board Highlights
2. Company Performance & Strategy
3. Q&A Session
4. General Business

6.
Hinerangi Raumati-Tu’ua
MNZM
Director
BMS, MMS, FCA
Genesis Energy Board of Directors
Tim Miles
Director
BA
Chairman of Human
Resources and Remuneration
Committee
Catherine Drayton
Director
BCom, LLB, FCA
Chairman of Audit and Risk
Committee
Warwick Hunt MNZM
Director
Paul Zealand
Director
BSc Mech. Eng(Hons), MBA
James Moulder
Director
BA, BCA
Barbara Chapman CNZM
Chairman
BCom, CMInstD
BAcc, ACA, FCA, FKCL

7.
Director Skills Matrix
Matrix as at 13 October 2023.

8.
12,709
$196m
$524m
FY23 performance update
Financial
EBITDAF
1
OperationalSustainability
Total FY23 Dividend
N PAT
Decrease of 12% on FY22
1
Earnings before net finance expenses, income tax, depreciation, depletion, amortisation, impairment, unrealised fair value changes and other gains and losses. Refer to note A1 in the consolidated financial statements in the 2023
Integrated Report for a reconciliation from EBITDAF to net profit before tax.
2
Combined Scope 1, 2 and 3 emissions.
Regional Customer Hub
17.6 cps
Increase of 19% on FY22
Carbon emission reduction
2
1,625 kt CO
2
e
Growth in customers
Increase of 2.7% on FY22
12 Jobs
Created for the Tūrangicommunity to
support our customers.
No change on FY22
Generation costs - total
$35/MWh
Decrease of 36% on FY22
Solar generation opportunities
~450MW
Potential generation over four sites
across New Zealand
Customers on EV plans
Decrease of 45% on FY22
4,153
Increase of 2,543 on FY22

Supporting our communities and customers

Supercharging our
people

Malcolm Johns
Chief Executive

12.
JamesSpence
Chief Financial Officer
BSc, CA
Experience as Chief Financial
Officer at three integrated
energy companies in Australia
and North America.
TraceyHickman
Chief Wholesale Officer
MA (Hons), AMP (Harvard)
Over 29 years energy sector
experience, including ten years in
executive roles in generation,
trading, fuels and retail.
Edward Hyde
Chief Technology and
Transformation Officer
BSc
Experienced technology senior
executiveacross customer and
telecommunications.
MatthewOsborne
Chief Corporate Affairs
Officer
BCom, LLB
Corporate counsel/executive
with over 20 years' experience
across legal, regulatory,
sustainability, communications
and governance.
Malcolm Johns
Chief Executive
BMS
Joined as Chief Executive in March
2023. Previously Chief Executive of
Christchurch Airport. Has held
governance roles in transport,
infrastructure and tourism.
Claire Walker
Chief People Officer
BA, Dip Business Admin
20 years' experience in human
resource management. Deputy
Chair of the Sustainable
Business Council.
Stephen England-Hall
Chief Retail Officer
MBA (Camb.)
Over 20 years experience,
including 10 as chief executive
across customer strategy, digital
transformation and industry
disruption.
Leadership Team

13.
12,709
$196m
$524m
FY23 performance highlights
Financial
EBITDAF
1
OperationalSustainability
Total FY23 Dividend
N PAT
Decrease of 12% on FY22
1
Earnings before net finance expenses, income tax, depreciation, depletion, amortisation, impairment, unrealised fair value changes and other gains and losses. Refer to note A1 in the consolidated financial statements in the 2023
Integrated Report for a reconciliation from EBITDAF to net profit before tax.
2
Combined Scope 1, 2 and 3 emissions.
Regional Customer Hub
17.6 cps
Increase of 19% on FY22
Carbon emission reduction
2
1,625 kt CO
2
e
Growth in customers
Increase of 2.7% on FY22
12 Jobs
Created for the Tūrangicommunity to
support our customers.
No change on FY22
Solar generation opportunities
~450MW
Potential generation over four sites
across New Zealand
Customers on EV plans
Decrease of 45% on FY22
4,153
Increase of 2,543 on FY22
Power Shout gifting
300,000
Free hours of power
donated to those in need

Future-gen update

Strategy refresh

&&
People
Our Manaaki to
customers, communities
and team
Planet
Be great Kaitiaki, for us
and those after us
Profit
How we invest in the future
and reward our
shareholders
Electrification
Helping our customers
electrify more of their lives
and business
Flexibility
Create value from the
present and build options
for the future
Renewables
Grow renewables to build a
low carbon future for
Aotearoa
Strategy refresh

The future of Huntly Power Station

The future of Huntly Power Station
In conclusion

19.
Shareholder questions

General business

Thank you for your attendance

Investor relations enquiries
Tim McSweeney
GM Investor Relations
investor.relations@genesisenergy.co.nz
+64 27 200 5548